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Economics of crypto-assets — generated by Stable Diffusion XL v1.0 — ETF DAO — ( ) — ETF DAO — 2024-11-11 – p.1/18

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BTC ETH ETF DAO — ETF DAO — 2024-11-11 – p.2/18

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a ( ) (proof of work) (proof of stake) ( ) DAO a — — ETF DAO — 2024-11-11 – p.3/18

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Bitcoin . . . : (i.e. ) ( ) : : : ⇒ ( ) ← — ETF DAO — 2024-11-11 – p.4/18

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৽ن ϒϩοΫ ܈ ௥Ճ ίετϨδελʔ෇͖ ୆ா ਖ਼౷ͳཤྺ ఏҊ͞ΕΔ৽͍͠ཤྺ ίετ େ ੎ ͕ ࢀ Ճ ݁Ռ B มߋແ͠ C ௥ه D ॻ͖׵͑ ɾ৽͍͠ཤྺ͕͜Ε·Ͱͷཤྺʹ஝ੵ͞Εͨ ɹίετΛ૿େͤ͞ΔΑ͏ͳ΋ͷͰͳ͍ͷ ɹͳΒ͹มߋ͸ੜ͡ͳ͍ɻ ɾίετ͸݁ՌతʹɺωΠςΟϒ҉߸ࢿ࢈ ݐͯͰଌΒΕΔɻ ɾ୆ாͷҡ࣋ʹࢀՃ͢Ε͹ɺ֬཰తʹେ͖ͳ ใुΛωΠςΟϒ҉߸ࢿ࢈ͰಘΒΕΔɻ ɾใुΛಘΔͨΊʹ͸ίετෛ୲ͰϚδϣϦςΟ ଆʹ͍ͳ͚Ε͹ͳΒͳ͍ɻ — ETF DAO — 2024-11-11 – p.5/18

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4 ( ) ( ) ( ; ) ( ) — ETF DAO — 2024-11-11 – p.6/18

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( ) ೖྗ σδλϧͳΒԿͰ΋Α͍σʔλͷू߹ ແݶ ग़ྗ CJU ͳͲݻఆ௕ͷ਺ͷू߹ ༗ݶ ग़ྗ஋͸ʮμΠδΣετʯͱ΋ݺ͹ΕΔ খ ͞ ͍ ॱ ʹ ฒ Μ Ͱ ͍ Δ ͱ ͠ ͯ খ ͞ ͍ ॱ ʹ ฒ Μ Ͱ ͍ Δ ͱ ͠ ͯ 4)"ͳͲͷؔ਺ 4)"4FDVSF)BTI"MHPSJUIN Ұ༷ʹ෼෍ ϋογϡؔ਺ͷੑ࣭ ภͬͯ෼෍ Ϛοϐϯάʹ๏ଇੑ͕ແ͍Α͏ʹݟ͑ɺ ˠͷํ޲ʹ͸҆ՁʹܭࢉͰ͖Δ͕ɺ ٯͷํ޲ʹ͸ܭࢉͰ͖ͳ͍ Ұํ޲ੑ ҉߸ֶతϋογϡؔ਺ͷੑ࣭ ແݶΛ༗ݶʹϚοϐϯά͢ΔͷͰɺҟͳΔೖྗ͕ ಉ͡ग़ྗ݁ՌʹͳΔ৔߹΋͘͝رʹ͋Δ িಥ িಥ ͤ͞Δํ๏ ͕ݟ͔ͭͬͨ҉߸ֶతϋογϡ ؔ਺͸΋͸΍҆શͱ͸ݟͳ͞Εͳ͍ — ETF DAO — 2024-11-11 – p.7/18

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( ) ൿີ伴 伴ϖΞ ͋Β͔͡Ί ੜ੒ ൿີʹӅ࣋ͭ͠ ͋Β͔͡Ί౉͓͍ͯͯ͠΋Α͍ ॺ໊Λ࡞ͬͨͷ͸ެ։伴ʹ ରԠ͢Δൿີ伴Λ࢖͑Δ୭ ͔ ͢ͳΘͪॺ໊ऀ ͩ͠ɺ ݩͷσʔλ͸ॺ໊ޙ͸CJU ΋มΘͬ ͍ͯͳ͍ ͜ͷ࢓૊Έ͕ਖ਼͘͠ಈ࡞͢ΔͨΊʹ͸ɺ ड͚औͬͨެ։伴͕ຊ౰ʹॺ໊ऀͷ΋ͷ Ͱ͋Δͱ͍͏ԿΒ͔ͷূ໌͕ඞཁ ʲॺ໊ΞϧΰϦζϜʳ ೖྗݩͷσʔλɺ ൿີ伴 ग़ྗॺ໊ ʲॺ໊ݕূΞϧΰϦζϜʳ ೖྗݩͷσʔλɺ ॺ໊ɺ ެ։伴 ग़ྗ0,·ͨ͸/( ެ։伴 ॺ໊ऀ ॺ໊ ΞϧΰϦζϜ ॺ໊ݕূ ΞϧΰϦζϜ 0, ·ͨ͸ /( Πϯλʔωοτ ݕূऀ ެ ެ։ ։伴 伴 ެ։ ެ։伴 ެ ެ։ ։伴 伴 ݩͷ σʔλ ݩͷ σʔλ ॺ໊ ॺ໊ — ETF DAO — 2024-11-11 – p.8/18

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ϒϩοΫ O ࣌ؒ ϒϩοΫϔομʔ ͍ΖΜͳ৘ใ͕ೖ͍ͬͯΔ ϒϩοΫ O ͷ μΠδΣετ औҾ σʔλ ެ։伴 ˍॺ໊ औҾ σʔλ ެ։伴 ˍॺ໊ औҾ σʔλ ެ։伴 ˍॺ໊ ʜʜ ϒϩοΫ O ϒϩοΫϔομʔ ͍ΖΜͳ৘ใ͕ೖ͍ͬͯΔ ϒϩοΫ O ͷ μΠδΣετ औҾ σʔλ ެ։伴 ˍॺ໊ औҾ σʔλ ެ։伴 ˍॺ໊ औҾ σʔλ ެ։伴 ˍॺ໊ ʜʜ ϒϩοΫͷμΠδΣετ͸ ͦͷϒϩοΫΛҰҙʹࣔ͢ ࣝผࢠͱͯ͠΋༻͍ΒΕΔ औҾσʔλͷ࡟আ౳ͰϒϩοΫͷ ಺༰͕มΘΕ͹ɺͦͷμΠδΣετ ΋มΘΔͷͰɺໃ६͕ੜ͡Δ औҾσʔλʹ͸ૹ৴ऀͷσδλϧ ॺ໊͕෇͍͍ͯΔͷͰվ͟Μ͸ ࠔ೉͕ͩɺऔҾσʔλΛؙ͝ͱ ࡟আ͢Δ͜ͱ͸Ͱ͖Δ ࣍ͷϒϩοΫʹμΠδΣετ͕ ֨ೲ͞Ε͍ͯΔ͜ͱͰɺखલͷ ϒϩοΫͷ಺༰͸ϩοΫ͞Εͯ ͍Δͱ΋ݴ͑Δ͕ʜ ܨ͕͍ͬͯΔϒϩοΫͷϔομʔ ͷதͷμΠδΣετΛ࣍ʑͱॻ͖ ׵͍͚͑ͯ͹ໃ६ͳ͘վ͟ΜͰ͖ ΔͷͰɺϒϩοΫΛ࡞Δ͜ͱࣗମ ʹେ͖ͳίετΛඞཁʹͯ͠कΔ Proof of Work ( ) : ( ) Proof of Stake ( ) : — ETF DAO — 2024-11-11 – p.9/18

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( ) > ( ) → ( ) → < ( ) ( ) → ( ) → ⇒ — ETF DAO — 2024-11-11 – p.10/18

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Bitcoin (∼2024 10 ) — ETF DAO — 2024-11-11 – p.11/18

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DAO ಺෦ࢿຊˢ͋Δ ɹɹɹɹˣͳ͍ தԝʹࣗಈ ɹɹɹɹɹWT ɹɹɹɹɹɹதԝʹਓؒ ׬શͳ "* σʔϞϯ˞ ϑΥʔϥϜ˞ XFC αʔϏε ϩϘοτΛ࢖໾ %"0 %"QQ˞ ݹయత૊৫ ɹɹɹɹɹपลʹਓؒ ɹɹɹɹWT पลʹࣗಈ ˞%"QQεϚʔτίϯτϥΫτʹΑΔΞϓϦέʔγϣϯ %FDFOUSBMJ[FE"QQ ˞ϑΥʔϥϜਓʑ͕ಛఆͷ࿩୊ʹ͍ͭͯٞ࿦ͨ͠Γ৘ใΛަ׵ͨ͠Γ͢Δ৔ ˞σʔϞϯόοΫάϥ΢ϯυͰՔಇ͠ ΠϕϯτʹࣗಈతʹରԠ͢ΔϓϩάϥϜ . . . DAO : Decentralized Autonomous Organization ( ) Buterin DAO (2014) ↑ = + — ETF DAO — 2024-11-11 – p.12/18

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Ձ֨ ྔ ڙڅ धཁ धཁ धཁ — ETF DAO — 2024-11-11 – p.13/18

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DAO ( ) ( ) ← — ETF DAO — 2024-11-11 – p.14/18

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ETF — ETF DAO — 2024-11-11 – p.15/18

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DAO DAO a b DAO DAO DAO a b — ETF DAO — 2024-11-11 – p.16/18

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( ) ҉߸ࢿ࢈ &5' ࣮ମ͸୯ʹ &5' ҉߸ࢿ࢈औҾ ࢿຊ͕࣮ࡍʹۦಈྗΛ ࣋ͭͨΊͷԼࢧ͑ ΫϦϓτք۾ Ұൠެऺ 11 ٕज़ ࣗ཯෼ࢄʹΑΓಈ࡞͢Δ୆ாγεςϜ ɾωΠςΟϒ҉߸ࢿ࢈ݐͯࢿຊʹΑΔۦಈͱ๷ޚ ߹ಉձࣾܕ %"0 ࣮ମ͸୯ʹ߹ಉձࣾ ౤ථʹΑΔ %"0 ֊ ૚ ߏ ଄ ᴹ Լ ૚ ʹ ج ͮ ͍ ͯ ্ ૚ ͕ ͋ Δ ETF — ETF DAO — 2024-11-11 – p.17/18

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( ) : ( ) . . . . . . ( ) — ETF DAO — 2024-11-11 – p.18/18